Without an infusion of new money to cover mounting liabilities, Hegar warned, credit agencies are likely to downgrade Texas’ credit rating, which would make it more expensive for the state to borrow money — and perhaps damage the state’s business climate.
Rainy Day Fund
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TribCast
George P. Bush and Harvey relief, AFL-CIO’s Beto O’Rourke snub (podcast)
On this week’s TribCast, Emily talks to Evan, Patrick and Edgar about Land Commissioner George P. Bush walking back statements on Hurricane Harvey relief and the Rainy Day Fund, and the Texas AFL-CIO’s decision not to endorse Beto O’Rourke over a convention the Democratic U.S. Senate candidate missed.
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In Harvey's Wake
Hegar: Harvey response will strain Texas budget, shouldn’t slow economy
Hurricane Harvey probably won’t wallop Texas’ economy in the long run, Comptroller Glenn Hegar said. But the state’s response to the storm could ultimately mean a multibillion-dollar hit to the state budget.
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In Harvey's Wake
Harris County officials: We need help paying for flood control projects
Southeast Texas leaders told state lawmakers on Wednesday that they don’t have enough money to carry out major flood control projects on their own. They also advocated for a collaborative, regional approach to flood control.
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In Harvey's Wake
Abbott: Houston has enough funding for Harvey recovery
The governor said if the state needs to tap the Rainy Day Fund for Harvey recovery, it won’t be until the next legislative session in 2019.
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In Harvey's Wake
Texas Gov. Greg Abbott: No special session needed for Harvey aid
Gov. Greg Abbott said Friday another special session of the Texas Legislature won’t be necessary to deal with the response to Hurricane Harvey. The Legislature isn’t scheduled to meet again until January 2019.
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Economy
Plan to overhaul Texas Rainy Day Fund and boost returns losing steam
A proposal to dramatically reshape the state’s savings account to set aside more funds for tough economic times has effectively died in the final days of the legislative session.
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Economy
Texas House backs Rainy Day Fund overhaul
The Texas House approved legislation Wednesday that would overhaul the way the state stows away money for tough economic times, advancing a proposal championed by Comptroller Glenn Hegar.
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State Government
Analysis: A high-stakes budget duel — if Texas lawmakers want one
The Senate doesn’t like the House’s hit on the Rainy Day Fund. The House doesn’t like the Senate’s delay of a deposit into the state’s highway fund. Neither wants to raise taxes. But all is not yet lost — unless they want to fight about it.
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Economy
Texas Comptroller Glenn Hegar pitches Rainy Day Fund overhaul
Texas Comptroller Glenn Hegar wants to reshape the state’s Rainy Day Fund, aiming to get more bang for those stowed-away bucks.